Life Advisers Urged to Review Legacy Insurance Policies

Life insurance advisers who neglect to review legacy policies may face scrutiny from the Financial Markets Authority (FMA), warns Compliance Refinery director Steven Burgess. Speaking at a Quotemonster event, Burgess emphasized that legacy policies—older insurance products no longer open to new customers—must be carefully evaluated. Advisers risk regulatory action if they fail to assess whether these older policies still meet clients' needs. Burgess highlighted the importance of thorough record-keeping, personalized advice, and utilizing available tools like CRM software and Quotemonster’s research on legacy products. He stressed that documenting both the pros and cons of policy changes is crucial to avoid regulatory issues.

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